Now that's enough of this hide and seek,
Today I'll play holi with rasa..
holi with rasa, holi with rasa..

Here the thing is that ras is a word with two meanings, one is juice, and the other one is a concept that for lack of a better word you can say joy. So here she's talking about the mango juice, while it also means she'd play Holi with joy.

Holi is an Indian festival where people throw colors and colored water over one-another.

Jhalla is a Hindi/Urdu 'desi' word which is used for someone who is not serious, idiotic, like a crazy person, though not exactly crazy. Someone who does not have knowledge of very common things, things that are supposed to be known almost naturally, can be called a Jhalla.

I don't know why I think about you day and night,
I don't know why I think everything about you only,
Is this madness or love,
what an intoxication is on me,
every moment I think you should have a meeting with me,
I don't know why I think about you day and night..

on the roof our eyes meet,
I don't have to leave you ever..
I fell for you, I love you,
You'll not find anyone else (so much loving)
You too come, leaving everyone..
You too come, leaving everyone..
tears roll down my eyes..
tears roll down the eyes..

Pani da rang vekh ke
Akhiyaan cho anju rul de...

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I'm evening you're morning,
I'm love, you're the world (to me)
I'm lip, you're the prayer (that comes through the lips)
I'm the earth, you're the sky..
you met me, and both worlds met,
No distance remained in between..

Aafaton ke Parinde is the phrase used for beginning the title song of Ishaqzaade. The meaning of phrase literally would be 'birds of troubles', that is flyers who are ready to take risks and play with troubles.

The phrase is used here to convey the sense of freedom, and fearlessness. However, personally I feel that the phrase is more or less an extension of Yash raj's Lafangey Parindey.